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Bachelor's Thesis
Author of thesis: Ing. Tereza Burianová
Acad. year: 2021/2022
Supervisor: Ing. Martin Perešíni
Reviewer: Ing. Jan Fiedor, Ph.D.
The topic of this thesis is the Ethereum incentive mechanism, in particular the changes introduced in EIP-1559. The aim of the thesis is to investigate the behaviour and propose any potential improvements in case of discovered flaws. The previously used first price auction mechanism required users to choose the incentive arbitrarily, which led to overpaying and high fee volatility. These problems occurred mainly due to higher network utilization after the popularization of projects such as decentralized finance, NFT collections, and the metaverse. The new incentive mechanism introduced the variable block size, which can adapt to the current network usage. Base fee, a value that indicates the minimum fee needed to include the transaction in the block, is then calculated based on the utilization of the previous block, making the fees more predictable. Several simulation experiments were proposed to investigate the typical behaviour and possible weaknesses of the mechanism. Finally, a possible improvement was found, and future research was proposed. The goals of the thesis were achieved, and the results were presented in the thesis.
blockchain, cryptography, Ethereum, incentive mechanism, EIP-1559, London Hard Fork, modeling and simulation, base fee, block utilization, gas price volatility, tokens, ETH burn, Ethereum network congestion, DeFi, NFT
Date of defence
13.06.2022
Result of the defence
Defended (thesis was successfully defended)
Grading
C
Process of defence
Studentka nejprve prezentovala výsledky, kterých dosáhla v rámci své práce. Komise se poté seznámila s hodnocením vedoucího a posudkem oponenta práce. Studentka následně odpověděla na otázku oponenta. Komise se na základě posudku oponenta, hodnocení vedoucího, přednesené prezentace a odpovědí studentky na položené otázky rozhodla práci hodnotit stupněm C.
Otázky u obhajoby:
Language of thesis
English
Faculty
Fakulta informačních technologií
Department
Department of Intelligent Systems
Study programme
Information Technology (BIT)
Composition of Committee
doc. Ing. Vladimír Janoušek, Ph.D. (předseda) doc. Ing. Lukáš Burget, Ph.D. (místopředseda) prof. Ing. Jan M. Honzík, CSc. (člen) Ing. Vojtěch Mrázek, Ph.D. (člen) Ing. Jaroslav Rozman, Ph.D. (člen)
Supervisor’s reportIng. Martin Perešíni
Grade proposed by supervisor: B
Reviewer’s reportIng. Jan Fiedor, Ph.D.
Grade proposed by reviewer: C
Responsibility: Mgr. et Mgr. Hana Odstrčilová